TotalEnergies SE (NYSE:TTE) announced two major deals in the Middle East and West Africa on Wednesday.
BxT Trading Launch
TotalEnergies, along with Bapco Energies, launched BxT Trading, which is a 50/50 trading joint venture supported by Bapco Energies' refinery flows in the Kingdom of Bahrain.
BxT Trading, which is a new competitive player in the Middle East, will help Bahrain's oil industry maximize value and expand access to global markets.
For TotalEnergies, BxT Trading strengthens its Middle East trading presence alongside hubs in Houston, Geneva, and Singapore, enhancing agility and responsiveness to regional market needs.
The joint venture allows Bapco Energies to tap TotalEnergies' global trading expertise and build advanced skills in pricing, analysis, and risk management.
Nigeria Update
Also, TotalEnergies announced that its subsidiary, TotalEnergies EP Nigeria, had signed a Sale and Purchase Agreement (SPA) with Vaaris to sell its 10% non-operated stake in the Renaissance JV licenses in Nigeria.
The Renaissance JV, formerly SPDC JV, includes NNPC (55%), Renaissance Africa Energy (30%, operator), TotalEnergies (10%), and Agip (5%), overseeing 18 licenses in Nigeria's Niger Delta.
As per the agreement with Vaaris, TotalEnergies EP Nigeria will sell its 10% stake and all rights in 15 Renaissance JV licenses, which mainly produce oil, contributing about 16,000 barrels of oil equivalent per day in 2025.
The company will also transfer its 10% stake in three gas-focused licenses (OML 23, 28, and 77) to Vaaris, while retaining full economic interest in these assets, which currently supply 50% of Nigeria LNG's gas.
Recent Asset Sale
Last month, the energy company major agreed to sell a 50% stake in its 424-megawatt wind and solar portfolio in Greece to Asterion Industrial Partners for 508 million euros (around $595 million).
Also, TotalEnergies EP Nigeria has agreed to sell a 40% interest in the PPL 2000 and PPL 2001 exploration licenses to Star Deep Water Petroleum Limited.
TTE Price Action: TotalEnergies shares were up 0.71% at $66.27 during premarket trading on Wednesday. The stock is trading near its 52-week high of $66.92, according to Benzinga Pro data.
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